mentioned jim leventhal who has been in the trade for three years. >> i lo that jimmy has been in it for three years, but let's buy d-r-i-v which is the autonomous vehicles and 68 basis points is the expense ratio and it is going higher. >> good stuff. thank you, everybody. "the exchange" begins right now. >> well, thank you, scott. hello, everybody. happy tuesday. i'm brian sullivan and bringing in biden and go big or go home, and big banks are boosting the bottom line, so it is a triple play on the big news to begin the week we will find out what the key bits really are. a run up into the results and the banks are posting a big rally ahead of the earnings and now the investors are asking themselves is that all they got,

and now top investor anton shooks is here. and the first of the phafaangs reports, and what investors are saying is the biggest market bubble. can you guess? i am sure you can. a lot to do this tuesday and we will kick it off with the man himself, dominic chu, and more numbers and look at the inflation, and very interesting chart today, dom, but we would expect nothing less. >> a lot of inflation happening in the markets right now, and it is being driven by the large cap technology stocks. lk at the nasdaq here on the highs of the session and far outperforming the other major indexes and nasdaq up 1 1/3%, and 13,165 there led by netflix and other faang stocks. it could set the tone for the mega cap trade that has been lagging as of recently and one to watch. you mentioned the inflation. we are seeing the uptick in

inflation expectation tax and a notable level right now. this is the 10-year break even inflation rate which is basically instruments in the treasury market both inflation protected and the normal treasury notes and bonds and the difference of the rates gives you the idea of what inflation expectations could look like o average over the next 10 years, and at the pandemic lows in march, it was about 0.5%. now, it is closer to 2.1%, and by the way, that is the highest level since october of 2018. so, a lot of the folks in the investing world are betting on higher inflation in the treasury market and this is one to watch. speaking of the inflated prices and check out three stocks. chewy and pet delivery and peloton exercise and fiber, and all of these stocks have had tre men drodouse run, and all of thm

over at the analysts at uds are s -- ubs are saying that they have had runs and now is the time for the profit take, and we will see if that plays out over the weeks and runs, brian. >> well, quickly, dom, a follow-up, you are looking at the inflation, and when aim looking at the screens here, any commodity, corn, wheat, s soybeans, cotton, and anything that is over the last year or so lower, and as a former fund manager and looking at tips, and not chips, john and ponch, but tips for securities? >> that is the calculus of the 10-year break even rate that i showed you. a huge demand rate and a bid for some of the inflation-protected securities and this is what is driving a lot of the gap and

expectation and the expectation for higher prices down the line. if you are looking agent this overall picture right now, there could be an argument made that the inflation protection trade has gone very far very quickly and due for a little bit of the pause right now, but it is notable. i'm a person anecdotally who drives to work everyday and many of the viewers know it, brian, since the end of march from new jersey to connecticut everyday and i know how much i pay for fuel, and yes, i can tell you that the fuel costs have been steadily on the rise during the entire pandemic and paying more than i have at any point over the course of the last year at the stage, brian. >> and gas prices are up, and the hottest of the hot commodities in the last 90 days is hot rolled steel up 66%. dom chu, we will see you in a little bit. thank you very much. >> all right. a couple of key catalysts that are driving the markets today. we have change at the top in washington, and you might have heard about this, and we have an

inauguration 24 hours away and a new president. the treasury secretary nominee janet yellen is testifying on the hill and the senate saying that we need to act big in regards to the next covid spending package and by the way, senator ron wyden who is about to be the chairman of the finance committee says they hope to get to yellen chairman knob the senate floor for a vote by thursday. back on the street of dreams, you have the earnings of the big banks rolling in, and the first of the faangs is set to report tonight and that is netflix. a lot to talk about and let's welcome in jeff crumpleman from merriman wealth advisers and angela from ubs, and angela what is top of mind on that list or maybe something that we did not talk about for you and your team >> well, top of mind is janet yellen, because i say that when i grow up, i want to be janet yellen and first woman fed chair

assuming she is confirm and a good bet. i think that she going to be measure and working well the fed. it is really important, because what happens next with the fiscal stimulus is our bridge to normalcy, and if we can get a decent package through, and yes, we have a little bit of the majority in congress, but i don't know if we will get a $1.9 trillion, and maybe 500 billion to $1 trillion to get us to the pathway to get us over the bridge until we see normal activity, and a pickup in the corporate earnings. so i have to put my money on janet yellen and i'm excited to see her, and hopefully confirmed soon, and the markets are responding. and some 10-year treasury yields are up, and through the roof >> and angela, a number at which the market may respond negatively i think that the market is probably priced in 1.5 or 1.3

trillion as a bottom, and 1.9 would be great, and in terms of -- is there a number where the markets would be sizably disappointed >> i think that if we see south of $500 billion, all that we have heard from the federal reserve chair last week and also from janet yellen today is that we have very low interest rates right now, and it is behooving us to overspend rather than underspend so depending what is in that package is going to determine whether it is going to be getting better fast or whether there is a lot around infrastructure that is bipartisan or around the vaccine and making sure that we have equitable dissemination of the vaccine and that we don't have vaccines going bad in the bottom of the someone's basement. i think that is going to be key. how they break it down and make

it more something that is, you know, bringing a little harmony across the aisles and setting the tone >> yeah, yeah. certainly some countries, and looking at the list, they are not getting hardly any or vaccinating any. and the u.s. is doing better than most countries around the world, and coming to you, jeff, we are talking about the consumer, and maybe a consumer boom, and also a renewable energy boom and looking at the stock picks, that is why you are recommending the world's biggest lithium producer albamoral. >> it is not a traditional pick, and this is lithium to be used for electric cars in the new economy as opposed to focusing on the fossil fuels, and we have liked it for some time, because we think that is where the growth is headed. secular growth name in the new economy then includes 5g

artificial intelligence and electric cars. and secular recovery in the united states, and globally, and to focus on that is the rationale behind albermarle. and the stimulus that you have been talking about and that being a key component of the expectation for 6 to maybe double-digit growth in the s&p 500 over the coming year. >> doyou like health care names? we have focused on the pandemic for good reason for the last 9 to 10 months, jeff. we still have cancer, and we still have diabetes and a lot of horrible things that are taking the lives. are there biotech companies that once the pandemic is over, and it will be, and we will go back to talking about other nasty

diseases that we have to solve >> it is interesting that you bring it up. we do like health care. within technology, one of the recent picks is diva which is actually has the largest crm share and really a software applications and cloud applications for health care companies and diva vault is used to run the drug trials for the vaccinations and more traditional therapies, but we like the biotech etf which broadly owns various biotech companies, and that is part of the story of the coming year in veeva and cyclical is great, but you don't have to go to faang, and you can get growth in these areas as well. >> well said, too. and unfortunately, i think that a lot of things that we have to deal with when this is all over. and jeff and angela, great

discussion, and thank you, both. we will talk to you soon and take care. so if you are thinking of going overseas for investing ideas in 2021 even if you can't go overseas, morgan stanley is out with a new note called clear investment opportunities in europe, and you can find out the details and the picks at cnbc.com/pro. but what about opportunities here in the united states? as a new administration and the rollout of the vaccines is brings reasons of hope and optimism, should we look at commercial real estate in certain parts of the united states so let's look am don peeples and it has been a while between you and i, and i know that you have talked to kelly, and you are in miami and boston and d.c., and different markets, but are you poking around in new york to have bargains to pick up or do you think that new york is in trouble for years to come?

don is really really good at standing perfectly exactly still or we have got to do a bandwidth issue, so we are going fix don and take a short break and come back to talk to don. that is how it works. more don or some don or big tech under biden. another big boom or regulatory bust, and we will dig in. and deutsche bank is showing that the global money managers are showing one asset in extreme bubble territory we have the results and why the energy industry may be smiling a little bit today for unexpected reasons. stick around.

all right. welcome back. with us now is some don, don peebles, chairman and ceo of the peebles corporation. and so what do you see nationwide happening with commercial real estate over the next 12, 24, 36 months

>> well, look, retail was already disrupted by technology, and we are going continue to see the disruption because american consumers have grown accustomed to online shopping in a big way, and so retail is going to continue to struggle, and they are going to have large closures of shopping centers and repurposing of a lot of retail. even as much as looking at rodeo drive and wilshire boulevard, and that is going to continue to struggle nationally. hospitality is going to struggle in group business and corporate travel is going to struggle over the next two year, but you will see a rapid rebound for leisure hospitality and that is miami and other tourist destinations around the u.s. and other places of the world as the back scene is redistributed as we get out of covid. and now be in large with the exception of new york and washington, d.c., has held out pretty well. you can look at boston and it

has held out pretty well, but miami and south florida, and palm beach county, and miami-dade county and broward county are on fire, and those markets will continue, because there is a reduction in a shortage of supply and inventory right now across all residential sectors. >> i guess that the question is that you are in miami right now, and the question is this, and you and everybody else, how much of this is transitory? i know of a couple of financial firms and a couple of smaller and mid--sized looking to move the realtor tax or the functional head quarters to florida, but is this a one or two-year thing and then everybody is going to migrate to back to where they were or when you pack up and leave new york and new jersey, you are gone, and you are not coming back? >> well, look, first of all, i happen to be in wellington, florida, which is a part of palm beach county, and my daughter is

a horseback rider, and things are open here, and so other new yorkers and other entrepreneurs from high tax states have been come down to south florida for several decades and after the restrictions accelerated in the diminishing quality of life in the new york city and other areas propelled more people to come to south florida, so i think that what you are going to see is that businesses and entrepreneurs are going to shift more of the business activities down to south florida, and also more and more will become residents of south florida. so for obvious tax reason, but they will keep a presence in new york city, and other places around the country in the higher tax areas. but you are seeing more californians coming to florida as well. >> by the way, don, and this is not a statement on the virus or people or political, because everything that you say around the virus or state's action is political. but i know people who have gone

from california to florida, because it is open. you can go out the eat, and by the way, the covid stats are about the same as florida and fully closed california and not a statement, but just numbers, and so you are seeing the people come into florida, and the question is how long does that capital last it sounds like you are a if not a florida marlin, but a florida bull. >> yeah, i am. i believe that florida is going to continue to grow. south florida, and looking at the past three decades, it has grown phenomenally and it is going to continue to grow as the infrastructure for the cultural art and the restaurants and the educational facilities and overall, it will continue to develop here. and you will see a continued expansion of quality of life, and living in south florida is now an acceptable thing for people early in the careers looking for opportunities. and it used to be that you had to be in new york city or other major cities to capitalize on job opportunities.

no more. >> very quickly on don politics, and we have a new administration and inauguration, and are you hopeful? do you think that we will see healing in the country >> very much so. joe biden has been someone who has worked across the aisles for nearly five decades, and he is a person of impeccable character. if you are asking others on the republic side of the aisle, and lindsey graham and others, they will tell you no other honorable person than joe biden and he is immensely qualified to be president with the breadth of experience that he has, and so i would look for a different change in terms of the tone, and dramatic change in terms of rapidness of response to covid and other elements, but i think that the tone will change significantly, but by the way, it is not going to go away, because a lot of americans do feel left out on both sides, and until the country figures out a

way to figure out some more of the structural problems in the society, we will have the divisiveness, but it is not as extreme, because it is not fanned and fueled from 1600 pennsylvania avenue. >> yeah, that is good to hear, a little optimism, and don peebles, always a pleasure, and enjoy florida, don. i wish i was down there with you, and maybe i will go. don, thank you very much >> thank you. >> all right. from real estate and politics to technology and politics. when president-elect joe biden takes office tomorrow, his administration faces a number of big issues. and now outside of the pandemic, of course, a few of them may be bigger than what to do about big tech. does it need more regulation different regulation if so, what kind is it the velvet glove or the iron fist? here are most of the tech names down as investors rotate out of them or worried in twitter's case about more regulation. and here to break down the big

tech future under the biden administration is deirdre and danny, and so deirdre bosa, first to you. what are you hearing is job one from the biden administration with regards to big tech >> the short answer tbd, but how i would describe the relationship perhaps is that biden's relationship with big tech is cozy, but far from comfortable. biden is reportedly looking at a number of candidates who have worked with big tech and have experienced either as consultants or lobbyists to go into the administration and agency and looking at a woman who reportedly consulted on amazon's whole foods deal and more than $13 billion acquisition to potentially lead the anti-trust unit at the doj which is leading questions and the momentum that has been achieved in the last few years

of cracking down on big tech and, you know, alleged anti-monopoly power has taken off, and no matter how many people he has that have relationships with big tech, you cannot stop the momentum, and brian, you showed some of the performances of big tech over the last few weeks and months, they have been underperforming, and regulation may not be this sort of the bang, break up the big tech company, but it could be slow moving like it has been in europe, and that does not mean it is not coming. >> yeah, danny, listen, the european regulations are a lot i have read that google has paid $10 billion in fines in the u.s. and eu over the last number of years. $10 billion and these are big numbers, and is that kind of the hammer is coming or do you believe that a lot of the big donors to the democratic party come from california and that they are ultimately going to

kind of leave them alone >> no, i don't think they that are going to leave them alone. job one as deirdre pointed out, so many ways that washington is going to be reining in big tech, but job one is section 230 which i know that many of the viewers know what it is, but for those who don't, it is an immunity shield they have enjoy for 25 years, and if you cast your mind back a quarter century back, 10% of americans even had an internet connection, and but so the world has changed dramatically. if you are looking at this from the product liability point of view, and go to mcdonald's and have a bad burger, you can sue them. if you have a pharmaceutical company making a bad medicine, you can sue them. >> and so i want to jump in, because it is a very important point, but i want to hone it down a little bit. section 230 and i want to very generalize iteffectively makes technology companies publishers and responsible for the

platforms or not. you are in the media, and i am in the media. we are responsible for what goes on the newspaper and on our air, and do you believe and maybe you will dodge it, facebook is a publ publisher? >> yes, absolutely. so if you are looking at what has happened in the last session of congress more than 20 bills proposed to overhaul section 230 which is to bring accountability of what appears on the page, and of course, none of them pass, because the democrats and the republicans are coming at the opposite ends of the spectrum, but now we have a democrat-controlled congress and biden to the white house, and section 230 overhaul is coming, and there is going to be some new accountability regime, and what that looks like will be the subject of furious lobbying right now in washington. >> and deirdre, even in the digital age -- go ahead. >> well, i was going to say, well, that may be task number

one, but i disagree with danny in terms of the anything is going to happen. i am much more skeptical, because as he mentioned two different sides of the aisle are looking at section 230 in completely different ways. how do we get consensus, and when you dig into it, it means that many would argue more censorship s and give an advantg to the big guys like facebook and twitter and facebook has an army of the content editors and people who can, you know, pull down things when the smaller guys, certainly they don't have that kind of power. >> but the riots on capitol hill, deirdre, it opened up a canf worms and people are saying that you can't just post stuff of going after this or that and here is where we are going meet, and free speech does not matter when it comes to starting violence. there is a limit to free speech. >> but twitter, and they are going after twitter and

facebook, but not after some of the smaller guys like airbnb and yelp and expedia and wikipedia and those are the companies that are going to be hurt if section 230 is repealed, right, danny? >> yeah, absolutely, and this is why nothing has happened so far, because you have to do it very, very carefully. because to your point, what you don't want to do is to, you know, empower the law of unintended consequences and have a chief executive begging for regulation which is what has been happening of mark zuckerberg saying that we do need regulation, because he knows it is going to be making it very harder unless you do it in a smart way for rivals to compete. >> and so if his lobbyists have a way to do that. >> i love the teenager, take my car for a week, because i didn't want him to take it for two weeks. and so we have a long way to go in this discussion but not for

today, and it is like a yelp review, short and sweet. thank you, and we will talk to you soon. >> thank you. and on deck, some say it is quality and not quantity, and why the banks numbers may not be all they seem to be even as goldman sachs shares continue to print money for investors and not today, because they are up big lately, but why the biden administration is going to cancel the keystone pipeline and we will look atht e winners and losers from that decision next. w smartphone deal. oh do ya? actually it's for both new and existing customers. i feel silly. but i do want the fastest 5g network. oh i want the fastest 5g network. are we actually doing this again? it's not complicated. only at&t gives everyone the same great deal. like the samsung galaxy s21 5g for free when you trade in. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off.

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welcome back, everybody. i'm sue herera and here is the cnbc news update at this hour. mitch mcconnell the top republican in the senate has made the most public rebuke of outgoing president donald trump and the rioters who stormed capitol hill. >> the mob was fed lies by the president and other powerful people, and tried to use fear and violence, but we pressed on. we stood together and we said that an angry mob would not veto power over the rule of law in our nation. not even for one night. >> secretary of state mike pompeo says that china's policy against muslim and ethnic minorities constitute genocide, and he is announcing new sanctions against china less than 24 hours before president-elect joe biden takes

office. and former pharmaceutical martin scar really has been given a denial for compassionate release. >> yes, and mental health is a real concern in the pandemic, and especially for the kids. thank you, sue. >> you got it, brian. >> also happening today is big news in the pipeline sector, the and the biden administration is to ban the keystone pipeline xl project immediately upon taking office andthat story is first reported by the canadian broadc broadcasting organization. it would cut a shorter route, the yellow line there across montana, south dakota and

nebraska. the pipe was going to carry about 830,000 barrels a day of canadian oil to the u.s. gulf of mexico. environmentalists and others have been trying to stop the project for years. the company behind keystone, canada's tce known as transcanada has been trying to desperately convince the biden administration not the scuttle the project by pledging huge investments in renewable energy, and making sure that the indigenous peoples have a stake in the project, and the decision to cancel the keystone could cause some tension between canada and president-elect biden as canada has spent $1 billion on the project. near the states the u.s. oil companies are happy about the decision, because it is potentially going to remove the threat of more canadian oil to u.s. refineries, and another potential win ser the rail roads. the canadian railroads by train have doubled, and with the keystone xl going away, the

canadian oil companies will have to turn back to trains to get back most of the oil to the u.s. a real decision on the keystone could come as soon as joe biden's first day as president in the united states. something to watch. from streaming oil to streaming video. netflix's numbers are out after the bell. plus, is bitcoin bubilicious and getting paid to be vaccinated? you heard that right. it is all coming up on rapid fire, and we are back after this.

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get ready for some big time earnings. is bitcoin in a bubble, and vaccination nation something called revenge spending. it is blowing up in china, and time for rapid fire, and here with the take, robert frank, julia boorstin and michael santelli. and now, netflix reports the number after the bell, and this is coming after it is facing heaps of competition in the streaming space. the stock is higher today, but it is kicking off the year with back-to-back negative weeks which is the first time it has happened since october and 13%

from the all-time high set in july. julia boorstin, talk to us about expectations and the newly rebranded cbs all access. >> so much new competition, brian. and some of it is more direct competition, and some of it nor n niche and discovery plus, and investing in some more exclusive content and we got a new announcement from viacom about paramount about launching its streaming service, and it is about the subscriber numbers and the forecast is 66 million new subscribers added in the fourth quarter, and what they will forecast for the first quarter, and the analysts are looking for 8.4 million new subscribers in the first quarter and those are the numbers to impact where this stock moves this afternoon. >> yeah, and michael santoli, how much does it matter to the

market as a whole? >> well, it is not acting as a bell wewether or leading indica, because what is fascinating is that the stock has gone nowhere for seven or eight months, but over the course of the last 7 or 8 years when it was the streaming era, it has had three of the periods where the stock went sideways for more than a year, and then started to ramp up again. so it does tend to consolidate the gain, and the investors sort of revise and reset the expectations, and now it has lost the scarcity value, because you can buy the roku and netflix has yet to prove that it is losing the growth edge just yet. >> all right. well said. moving on, topic two, the chinese luxury goods market apparently benefiting from what some people are calling revenge spending. with the drop in travel, mainland china growing the sales by 48% to more than $50 billion

to put them on the market for luxury by the year 2025 and robert frank, i am afraid to ask what exactly is revenge -- revenge of the lockdowns or the pandemic >> yeah. revenge against the lack of ability to go out to spend, and especially on the luxury. and look, brian, when is the last time that a single country doubled its market share of an entire global industry now maybe the u.s. did with oil, and you would know that better than i do, but in one year, china's share of global luxury spending went from 11% to 20%, and china is important to luxury spending, but now china is luxury growth for the future. if you are a company that has not solved china, you are not going to survive in luxury. so you are looking at lvmh and rishmont and other companies that have done well like prada and burberry and they have not done well, because they have not

solved china, and so that is the litmus test. >> and julia boorstin, you in lockdown central, and southern california, and they have some of the toughest controls there, and the pandemic is going to end whether it is a couple of months or longer, and we don't know, but it is going to end, and you think that it could happen here, and all of the pent up frustration and demand and just ernlg to get out is going to explode in the second half of the ear? >> well, thin i think that a lof people are making purchases with the pandemic, and we have seen that with the ecommerce, but once the lockdown is going to end and they can travel again, how is that going to impact thing, and whether the chinese market, and is that is going to change when the consumers can travel internationally, and will they put the money internationally or how are people here going to spend the money in different ways and maybe not investing in the fancy

cashmere sweatpants, but instead on overseas trip instead. sothat is a question to impact the chinese market as well as the domestic one. >> travel is going to -- people who travel are going to travel and i made a prediction that vegas is going to be sold out entirely one weekend in september every single room is going to be sold out, and you can count on that. nex president up, it is a question that everybody seems to have a hot take on. is bitcoin in a bubble well, it may be, and don't at us if you believe that deutsche bank's monthly investor survey. the firm asked the investor base to look at the scale of zero from no bubble to 10 for extreme bubble across nine investments. now half of the investors surveyed gave bitcoin the maximum 10 of 10 bubble rating to push to average rating of 8.7, and only the west german judge gave it a 2, and the next highest was u.s. technology stocks and the next lowest was

european stocks at under 4. and meanwhile, the bitcoin is climbing back to 40,000, and the markets, they don't care. michael santoli, people hate it bitcoin and bubble, and this is investors surveyed from deutsche bank, and what do you make of the results? >> well, if you ask most people, they don't own most of these things, or don't have enough of the allocation and ask them if there is the a bubble, you will get a lot of affirmative answers, so a lot of it is the con sstruction of the survey, ad so it is just in the short term for the crowd psychology, but you have to have a higher threshold of the bubble. looking across the other asset classes. to me, a bubble has a high likelihood of crashing well more than half in value, and you is so be doing down 60 or 80% like the nasdaq in 2000 to call it a bubble, and i don't think that

most of the u.s. tech stocks hold up to that definition. >> well said. and construction of the survey is key. but robert frank, the strongest bull case argument, and imagine 21 million pieces of art or bottles of wine or whatever cars that will ever exist in the world's history, and there is a lot more millionaires than that, and that is the bull case for just ultimately super fixed supply, and huge demand. >> yeah, that is the supply-demand equation is why the asset classes that you mention vd gone up, but this bubble talk reminds me of the great story on cnbc.com over the weekend where they asked the millionaire investors if the u.s. stock market is a bubble, and most of them said yes, but they also said they would continue to buy the stocks and they are bullish on the stocks, so just because you think that it is a bubble right now, as mike just said, you think that it is going to crash eventually and you don't know when, but when it comes to bitcoin and the

stock market, and surveys that say it is a bubble, but i am going to keep buying and it could keep going for much longer. >> okay. and finally, topic four, and we always talk about why are the vaccinations not going faster than they are? well, check out this story. some companies are having to step up their vaccination promotions so much that they are going to pay them. grocery store chain aldi is going to incentivize the workers to take the virus to have two hours of pay for each dose up to four hours total and join dollar general, and trader's joe and instacart to incentivize the employees to get the vaccine s and so, julia boorstin, this is the story that we don't talk about enough, and problems in distribution and supply, and the reality is that there is a huge portion of the population that simply does not want to take it. >> i think that you are right, and i think it is crucial for

these companies that have so many employees that are interfacing with consumers it is crucial for them to say, our employees have taken the vaccine. and absolutely makes sense to do whatever incentive is necessary. look, we have times when it is voting day, and the companies that say that we are going to give you the day off to go vote, and this is an important thing to do, and this is even more important to the future of our country is the importance to make sure that all of the employees are vaccinated so we will see more and more companies taking steps to provide the incentives. there is a question, brian, as to whether or not they can mandate it, but a step towards it like offering pay or time off to get the vaccine is another way to ensure that they are keeping the employees and the customers safe. >> and the question is if it is not just incentivizing, can they fire them for not doing it at some point, and that is the next discussion. either way, julia boorstin wins

that round of rapid fire, and i sthad the west german judge gives it a four, by it is the east german judge, and it is the producer who is from west berlin who said that, and my english is as you say inelegant. michael, william, and julia, thank you. and so, anyway, still ahead, the mystery chart is more than 900% over the past six months, and wow! we are going to reveal the name, e d what could derail it next. thdow is up 166, and we are back after this.

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unless your doctor tells you to. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. if you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. while taking eliquis, you may bruise more easily... and it may take longer than usual for bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. what's around the corner could be your moment. ask your doctor about eliquis. all right. welcome back to "the exchange" and the markets are starting off the shortened week, and red hot, but not hot enough. the dow is sup aup about 100 of the high, and the nasdaq is sup and once again, it is energy

that is actually outperforming communication services and technology and health care also doing well, and only 3 of the 11 sectors are down. all right. let's hit three of the individual stock stories for you right now. stock one, look for you. general motors on news that crude and gm partnering with microsoft to commercialize self-driving cars. stock number two is gamestop hitting a fresh record high today as well. still up double digits now but the stock cutting back the earlier gains, this after citron tweeted it would go up fast and that was your mystery chart. stock three is blackberry and this is not a repeat show from ten years ago. we are live. still a stock having a great day

up 20% right now and blackberry hitting highest level in more than two years under $12. still ahead, goldman sachs and bank of america both reporting their results today. handling earnings estimates but perhaps missing on revenues for b of a we'll dig into these numbers and whether the run-in banks can keep it going. anton is next. and if you're getting out, don't forget to watch us live on the cnbc app download it today. "the exchange. we'll be right back. eps us movi. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future ...and in kevin's. voya. well planned. well invested. well protected. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief*

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well, don't look now but many have been printing money for their investors. 13% the past couple of months, nine names are hitting new yearly or all time highs today including big non-bank financials like discover and emerprize. capital senior portfolio manager from focuses on the banks and the financials good to see you again. i imagine you've been doing a lot of smiling over the last couple of months and it's been a

big mix, small banks, mid sized. what do you think is behind the recent strength? >> well, at the end of the day, the vaccine is behind the recent strength all the stimulus is behind the recent strength. clearly, smiling lately, grimacing in the first half of last year in a big way, as everybody expected the banking industry to collapse and, you know, programs like triple p have done an amazing job in cropping up businesses. the stimulus programs propped up individuals. bank's credit quality much better than expected i think the underwriting has been terrific and this time around, been part of the solution in distributing funds to businesses and people that need it rather than part of a problem. and i think they're really well set up for a very strong gdp going forward. >> and there is a weird side to the story, anton we all know it, no matter who you are, where you are in the united states.

there's probably beloved local business or restaurant that has gone under and now the building is empty and that's awful for those families, but there will probably be somebody coming in to try to build a new business in that space could that with the vaccine optimism coming out ultimately provide a surge in new, i hate to say it that way, but you know what i'm getting at. >> business start-ups have been really at records as people are trying to go, look, there's an opportunity here or people who have gone out of business try to figure out how to remake themselves and look for opportunities. the consumer has actually very deep pockets they've saved a lot of this money and the one benefit it comes, not talked about a lot, almost everybody can refinance their mortgages and many have and that has saved them many thousands of dollars and that ability to spend in the future is there, pent up demand is enormous so the sooner we can get people reopened and out and comfortable

and we turn in this table, the more the economy is going to rip. >> yeah, and let's hope that it does and unfortunately, a lot of businesses are struggling now but the banks may benefit as they try to outfit new businesses anton, we've got to leave it there. packed show. we'll get you back on soon, some of the smaller bank names. thank you very much. >> thank you that does it for us here on "the exchange. nearly 15 million people in the united states have gotten their vaccinations one of the top performing nations in the world we'll get the state of the vaccination efforts at one new jersey hospital coming up on "power lunch" which begins right after the break. i' s y torw. keare.eeouomro

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welcome to "power lunch. here's the 2:00 takeout. stocks rallying on president trump's final day in office. treasury secretary nominee janet yellen calling for congress to, quote, go big when it comes to economic relief. we'll have more on that. plus, energy leading the way higher as president-elect biden reportedly to ax